Most small business owners take immense pride in what they've created, and seeing it fall into financial ruin can be devastating to say the least. However, there may come a time when you need to close your business's doors. Continue reading to learn more, and contact Protect Law Group, a SBA debt resolution attorney for a free consultation today.
If you are spending countless sleepless nights because you are worrying about the vitality of your business, if you've gained weight, if you've stopped exercising, and if you've stopped doing your hobbies, then it's probably time to consider closing your business's doors.
There is no doubt that running a small business takes a lot of work, and going it alone or with just a few employees can be completely overwhelming. If you are constantly feeling defeated, deflated, and indifferent, it may be time to move on to something else.
If your business is not working, your employees are usually the first to see it. When you start losing key employees, morale is low, and your employees are doing more complaining than problem solving, your business is suffering.
When you are perpetually going into the red every month to keep your business afloat and you can't pay your debts, there will come a time when your funds have dried out. Hopefully, you won't lose everything before then. If you are in default on an SBA loan, let our SBA attorneys help.
Protect Law Group specializes in helping those whose SBA loans are delinquent or in default status. Our mission is to help you obtain a favorable outcome and not lose everything you've worked so hard to build. Call for a free consultation today!
Millions of Dollars in SBA Debts Resolved via Offer in Compromise and Negotiated Repayment Agreements without our Clients filing for Bankruptcy or Facing Home Foreclosure
Millions of Dollars in Treasury Debts Defended Against via AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, Private Collection Agency Representation, Compromise Offers and Negotiated Repayment Agreements
Our Attorneys are Authorized by the Agency Practice Act to Represent Federal Debtors Nationwide before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.
The clients are personally guaranteed an SBA 7(a) loan. The SBA referred the debt to the Department of Treasury, which was seeking payment of $487,981 from our clients. We initially filed a Cross-Servicing Dispute, which was denied. As a result, we filed an Appeals Petition with the SBA Office of Hearings and Appeals asserting legal defenses and supporting evidence uncovered during the discovery and investigation phase of our services. Ultimately, the SBA settled the debt for $25,000 - saving our clients approximately $462,981.
Clients personally guaranteed an SBA 7(a) loan that was referred to the Department of Treasury for collection. Treasury claimed our clients owed over $220,000 once it added its statutory collection fees and interest. We were able to negotiate a significant reduction of the total claimed amount from $220,000 to $119,000, saving the clients over $100,000 by arguing for a waiver of the statutory 28%-30% administrative fees and costs.
Small business sole proprietor obtained an SBA COVID-EIDL loan for $500,000. Client defaulted causing SBA to charge-off the loan, accelerate the balance and refer the debt to Treasury's Bureau of Fiscal Service for aggressive collection. Treasury added $180,000 in collection fees totaling $680,000+. Client tried to negotiate with Treasury but was only offered a 3-year or 10-year repayment plan. Client hired the Firm to represent before the SBA, Treasury and a Private Collection Agency. After securing government records through discovery and reviewing them, we filed an Appeals Petition with the SBA Office of Hearings & Appeals (OHA) court challenging the SBA's referral of the debt to Treasury citing a host of purported violations. The Firm was able to negotiate a reinstatement and recall of the loan back to the SBA, participation in the Hardship Accommodation Plan, termination of Treasury's enforced collection and removal of the statutory collection fees.